第二十九章-信用管理

《第二十九章-信用管理》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。

1、ChapterOutline29.1TermsoftheSale29.2TheDecisiontoGrantCredit:RiskandInformation29.3OptimalCreditPolicy29.4CreditAnalysis29.5CollectionPolicy29.6HowtoFinanceTradeCredit29.7Summary&ConclusionsIntroductionAfirm’screditpolicyiscomposedof:TermsofthesaleCreditanalysisCollectionpolicyThischapterd

2、iscusseseachofthecomponentsofcreditpolicythatmakesupthedecisiontograntcredit.TheCashFlowsofGrantingCreditCreditsaleismadeCustomermailscheckFirmdepositscheckBankcreditsfirm’saccountAccountsreceivableCashcollectionTime29.1TermsoftheSaleThetermsofsaleofcomposedofCreditPeriodCashDiscountsCredi

3、tInstrumentsCreditPeriodCreditperiodsvaryacrossindustries.Generallyafirmmustconsiderthreefactorsinsettingacreditperiod:Theprobabilitythatthecustomerwillnotpay.Thesizeoftheaccount.Theextenttowhichgoodsareperishable.LengtheningthecreditperiodgenerallyincreasessalesCashDiscountsOftenpartofthe

4、termsofsale.Tradeoffbetweenthesizeofthediscountandtheincreasedspeedandrateofcollectionofreceivables.Anexamplewouldbe“3/10net30”Thecustomercantakea3%discountifhepayswithin10days.Inanyevent,hemustpaywithin30days.TheInterestRateImplicitin3/10net30Afirmofferingcredittermsof3/10net30isessential

5、lyofferingtheircustomersa20-dayloan.Toseethis,considerafirmthatmakesa$1,000saleonday0Somecustomerswillpayonday10andtakethediscount.Othercustomerswillpayonday30andforgothediscount.01030$97001030$1,00001030+$970-$1,000Acustomerthatforgoesthe3%discounttopayonday30isborrowing$970for20daysandpa

6、ying$30interest:TheInterestRateImplicitin3/10net30CreditInstrumentsMostcreditisofferedonopenaccount—theinvoiceistheonlycreditinstrument.PromissorynotesareIOUsthataresignedafterthedeliveryofgoodsCommercialdraftscallforacustomertopayaspecificamountbyaspecificdate.Thedraftissenttothecustomer’

7、sbank,whenthecustomersignsthedraft,thegoodsaresent.Banker’sacceptancesallowabanktosubstituteitscreditworthinessforthecustomer,forafee.Conditionalsalescontractsletthesellerretainlegalownershipofthegoodsuntilthecustomerhascompletedpayment.29.2TheDecisiontoGrantC